(Infosette News) KARACHI: (PKR to USD) The Pakistani rupee set a new record low of Rs269 against the US dollar on Friday. The currency is still declining sharply.
According to information provided by the Exchange Companies Association of Pakistan (ECAP), the Pakistani Rupee was trading at Rs269 per $1 on the open market, representing a depreciation of Rs7, or 2.67 per cent, from yesterday’s rate of Rs262.
In the meantime, the European Union’s (EU) currency’s value increased by Rs7.50 to a high of Rs286.50. Furthermore, the UK Pound climbed by Rs5 to Rs326.
The UAE Dirham and Saudi Riyal, on the other hand, both saw increases of Rs1 and Rs0.90 to reach Rs79 and Rs71, respectively.
The currency dropped by Rs7.17 or 2.73 per cent from yesterday’s close to closing on the interbank market, according to a statement from the State Bank of Pakistan (SBP).
Following the lifting of an unofficial exchange rate cap, the value of the local currency fell Rs24.54 to a record low of Rs255.43 in the interbank yesterday.
In order to stop “artificial” demand in the market, the Exchange Companies Association of Pakistan (ECAP) abolished the cap on the US dollar.
The group was removing the US dollar ceiling because it was having negative impacts, according to a statement from ECAP secretary Zafar Paracha.
According to the allegation, people would purchase dollars from us and resell them on the black market, creating an artificial demand in the market.